On Thursday, the central bank of Rwanda increased its benchmark interest rate from 6.5 percent to 7.0 percent.
According to the National Bank of Rwanda, short-term inflation pressures are anticipated to persist until falling below 8 percent by the end of the year. Inflation reached 20.7 percent in January (RWCPIY=ECI).
According to the bank, the war in Ukraine increased commodity costs last year, which led to a jump in average headline inflation to 13.9 percent in 2022 from 0.8 percent the year before.